BOSTON (CBS) — Every year, July 31 is a day that shapes several franchises for years to come. This year should be no different.

MLB’s annual trading deadline is nearing, as it will officially come at 4 p.m. on Tuesday. The hours leading up to the deadline promise to be as frenzied as always, and we’ll have every update from around the league right here. So check back throughout the day for the latest reports, rumors and trades that will determine this year’s playoff races.

4:31 p.m.: Late reports say the Red Sox have traded minor leaguer Lars Anderson for a minor league pitcher from the Indians’ organization.

4:13 p.m.: The Yankees didn’t get Ryan Dempster, but they did make a deal. They reportedly traded Chad Qualls for Casey McGehee.

4:04 p.m.: We might be done here, but you always have to wait 15-30 minutes to be sure that the deals are done for the day. Remember in 2008, the Manny Ramirez trade wasn’t reported until several minuted had passed after the deadline.

4 p.m.: Buster Olney reports that the Rangers have indeed acquired Ryan Dempster. Talk about a late plot twist.

3:59 p.m.: Dempster to New York? Not so fast — Jon Heyman says the Rangers are making a last-minute effort to get Dempster. Stay tuned.

3:54 p.m.: The Yankees may have acquired Ryan Dempster, though no reporter has confirmed the deal yet. We’ll know for sure in minutes, however.

3:42 p.m.: According to a Tweet by ESPNBoston.com’s Gordon Edes, it appears the Red Sox might be done making moves today. With less than 20 minutes to go, we shall find out if that is true…

3:28 p.m.: Rosenthal reports that the Reds have indeed landed Broxton. More info to come.

3:21 p.m.: The Reds are trying to get Jonathan Broxton from the Royals, according to Ken Rosenthal. That would be quite the change of scenery from Broxton, potentially going from the last-place Royals to the first-place Reds.

3:15 p.m.: The Pirates acquired Gaby Sanchez from the Marlins in exchange for Gorkys Hernandez. Sanchez is hitting just .202 this season.

2:57 p.m.: As the Cardinals acquire Edward Mujica in exchange for Zach Cox, the Red Sox are reportedly close to acquiring lefty reliever Craig Breslow, according to Nick Cafardo.

2:27 p.m.: Jon Heyman reports that Ryan Dempster will indeed agree to go to New York if the Cubs are able to work out a deal with the Yankees.

2:06 p.m.: Hunter Pence to San Francisco is official. The Giants send Nate Schierholtz, Tommy Joseph and Seth Rosen to Philly to complete the deal.

2:02 p.m.: If you were holding your breath for a Cliff Lee trade, you might want to exhale. ESPN’s Jayson Stark reports that the Phillies have “halted” all talks regarding the lefty and that he won’t be moved before the deadline.

1:42 p.m.: It’s been quiet … too quiet. Expect the flurry to begin soon, though the brief respite from deals could be attributed to the new playoff format, which offers hope for more teams than usual today.

1:05 p.m.: Hunter Pence to the Giants isn’t yet official, but it’s looking from several sources to be a done deal. The NL West is getting all the action this year.

12:21:Jim Bowden reports that the Dodgers aren’t done — they’re “closing in” on Ryan Dempster. It sounds like that deal could be close.

Jon Heyman adds that the Giants are “closing in” on a deal with Philly for Hunter Pence.

12:10 p.m.: There will be no Texas homecoming for Josh Beckett. Jon Heyman says the Rangers are officially out on Beckett and Cliff Lee.

12:01 p.m.: Shane Victorino is a Dodger.

Tim Brown of Yahoo reported that the Flyin’ Hawaiian is headed to L.A., with Ethan Martin and Josh Lindblom going to Philadelphia.

Also, Jayson Stark noted that Domonic Brown was scratched from a Triple-A game and will be called up to join the Phillies, a possible indication of a Victorino trade. That could be coming together shortly.

That would certainly count as a surprise, as the 27-year-old backstop seems to finally be living up to the potential he’s shown for years. He is hitting .235 with a career- high 20 homers and 46 RBIs. With Ryan Lavarnway as the “catcher of the future” in the organization, the Sox could capitalize on Saltalamacchia’s trade value being at an all-time high.

It’s a situation that certainly bears watching in Boston.

“The Biggest name the Red Sox might move today is Jarrod Saltallamchia…..as Sox brass wants to open door for Ryan Lavarnway and get younger

10:27 a.m.: Some reporters are now coming out and saying that the Yankees are actually not in the hunt for Ryan Dempster. Perhaps that true, or perhaps the Yankees are trying to throw everyone off the scent.

10:15 a.m.: Red Sox fans hoping for a big deal today may end up disappointed. Jayson Stark became the latest to join the chorus of reporters saying the Sox won’t be part of any big moves before the deadline.

According to CSN Chicago, the Yankees (and Rangers) have joined the chase to acquire Dempster. The report says that Dempster won’t stand in the way of the Cubs making a deal that helps the organization, so it’ll be interesting see which team ponies up enough to acquire the 35-year-old righty.

The 31-year-old Victorino is hitting .265 with nine home runs and a .725 OPS this season. He’s due to become a free agent at year’s end.

9:23 a.m.: The Boston Globe’s Nick Cafardo reported via Twitter that the Nationals and Brewers are interested in Red Sox backup catcher Kelly Shoppach. The first-place Nationals may indeed need a solid backstop down the stretch, though it’s unclear what the Brewers, currently 12 games out of the wild-card race, would gain from trading for Shoppach.

8 a.m.: Exactly eight hours until the deadline hits. We’ll definitely see some smaller deals today but there is plenty of possibility for a big name or two moving to a new home.

One, of course, is Josh Beckett. While he’s underperformed greatly this season (and last September), he could still be a contributor for a team looking to make the playoffs. While reports say he isn’t going anywhere, anything can happen on deadline day.

Another is Cliff Lee. Not long ago the most coveted pitcher at the deadline and again in free agency, Lee is 1-6 with a 3.95 ERA this year for the 45-57 Phillies. Like the Red Sox, the Phils will have to pay quite a bit of Lee’s contract for any team that acquires him.

And as they say, the best deals are the ones we don’t yet know about. We’ll have all the updates, as they happen, right here.